100 Milburn Dr Syracuse, NY 13207

This exceptional 12-unit apartment building in Syracuse, NY presents a compelling investment opportunity. Boasting a 92% occupancy rate and a strong NOI of $101,899, this stabilized property offers a 10.19% cap rate with a pro-forma cap rate of 12.72%. The building, constructed in 1960, features two stories and comprises 12 identical two-bedroom, one-bathroom units, each with its own furnace, hot water tank, and utility meters (tenants pay utilities except water/sewer). Seven units have undergone full renovations, while others have partial renovations, all in excellent condition. The common areas and exterior have also been updated, including new windows and fresh paint. Ample parking is available with 16+ spaces in a private lot. The basement offers potential for coin-op laundry income. The property includes a new smoke certificate and will have a new Certificate of Compliance at closing. The asking price is $1,000,000 ($83,333 per unit). Currently, one unit is vacant for easy showing, but the seller can lease it before closing to achieve 100% occupancy. Financial statements and a detailed list of upgrades are available. This property is located at 100 Milburn Dr, Syracuse, NY 13207.